TRK Property Group Pays $20 Million for One of the Last Private Sites in South Brisbane’s Riverfront Precinct

One of the last privately held development sites in South Brisbane’s emerging riverfront precinct has changed hands. TRK Property Group has paid $20 million for 176 Montague Road, a 1,917 square metre mixed-use holding on the corner of Cameron Street, in a deal negotiated by the Colliers Queensland team of Simon Beirne, Brendan Hogan and Hunter Higgins on behalf of a private vendor.

The price puts a number on a purchase Brisbane Development has already reported the outcome of. TRK lodged plans in July for the same holding: a 20 storey, 161 apartment building designed by COX Architecture, sitting on a four storey podium with a rooftop garden, pools, a fitness studio, dining, a wine-tasting room and a cinema. That application was received by Brisbane City Council on 28 July 2026 and is under assessment, so the site was already committed to a scheme before the sale was announced.

What makes the block worth $20 million is less the site itself, currently a two storey brick building, than what is happening around it. The precinct between South Bank and West End is in the middle of the largest concentration of renewal activity in inner Brisbane.

Immediately nearby, the former Visy site is to be redeveloped by Lendlease into a housing, river and entertainment precinct of more than 4,000 homes, including 1.2 hectares of publicly accessible riverfront parkland. Stockwell’s proposed master plan for the neighbouring Parmalat factory site would add residential towers, a riverside pavilion, a public square and more than 300 metres of restaurants, bars and entertainment venues. Both sit within a short walk of 176 Montague Road.

Colliers Queensland chief executive Simon Beirne said the sale marked a shift in the area’s standing.

This site sits at the heart of a precinct that will become Brisbane’s defining urban renewal story over the next decade.

Simon Beirne, Chief Executive, Colliers Queensland

Mr Beirne said the campaign drew strong engagement from developers moving early. “With government and private investment in the South Brisbane precinct providing significant momentum, there was strong engagement throughout the campaign from developers who wanted to move quickly to secure strategic sites in the precinct before competition intensifies,” he said, adding that the purchase allowed TRK to “get ahead of the curve and shape a legacy residential project”.

Colliers residential development sites director Brendan Hogan framed the deal against supply. He said Brisbane’s apartment market remained “critically undersupplied, particularly in blue-chip inner-city locations where quality development opportunities are increasingly scarce”, and that sites of this kind are tightly held because of what can be built on them.

The South Brisbane riverfront is emerging as one of the city’s most exciting residential destinations with this site located right on its doorstep.

Brendan Hogan, Residential Development Sites Director, Colliers

The numbers behind that argument are striking. Colliers and Urbis data cited in the announcement put the average inner Brisbane off-the-plan apartment price at $2.015 million in the second quarter of 2025, up 147 per cent from $816,096 in 2020. On the demand side, the population of the inner-southern side of the Brisbane River is forecast to reach 225,200 by 2041, approaching the size of Ipswich, which is projected at 268,272.

Colliers investment services national director Hunter Higgins said the area was one of the last significant riverfront precincts in Brisbane still available for redevelopment, and that the sale signalled “growing private sector confidence in South Brisbane’s next chapter”. He also tied the precinct to the 2032 Olympic and Paralympic Games, saying the new South Brisbane riverside precinct would be “a centrepiece” of the event.

For readers tracking the Kurilpa precinct, the transaction is a useful marker. Much of the coverage so far has been of applications lodged and master plans released. This is one of the first points at which a price has been attached to a privately held site in the middle of it, and at roughly $10,433 per square metre of land, it sets a reference for the remaining holdings along Montague Road.

Transaction Rundown

TRK Property Group is an Australian development company established in 2009, with a record of delivering residential apartment and mixed-use projects across south-east Queensland. The company’s name comes from the Kohli family behind it. Its South Brisbane application, prepared with COX Architecture, describes the tower as a “living building”, with a flowing form, extensive vertical landscaping and communal space intended to respond to the Kurilpa Sustainable Growth Precinct.

The Montague Road application remains with Brisbane City Council. Brisbane Development will report on its progress.

Images supplied by Colliers; aerial photography by Rolley Photo Media. Sale details, quotes and market figures are drawn from the Colliers media release of 8 September 2026. Development details are drawn from the development application lodged with Brisbane City Council and previously reported by Brisbane Development. Site outlines are indicative only.